EUR/JPY Long-Term Analysis: Bullish
The currency pair is in an uptrend. The price is falling after reaching the high of level 133.61. Presently, the pair is retracing on the downside. Meanwhile, on April 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.618 Fibonacci extensions or the high of level 134.17.
EUR/JPY Indicator Analysis
EUR/JPY has risen to level 64 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone but it is approaching the overbought region. It has no enough room to rally on the upside as the pair reaches the oversold region of the market. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.
Major Resistance Levels – 131.00, 132.000, 133.000
Major Support Levels – 128.000, 127.000, 126.000
What Is the Next Direction for EUR/JPY?
The Euro and the Japanese Yen are in a downward move. The pair faces rejection from the high of level 133.60. On the 4 – Hour chart, the EUR/JPY pair is falling. On May 25 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.618 Fibonacci extensions or level 132.81. From the price action, the price declined and found support above SMAs.
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